I'm afraid Legacy is $2.03 a share this afternoon. Down $0.33 in one day. You think they will act as if nothing is happening. Its happening and the carnage hasn't reached maximum yet. Maybe its only hardly started.
Tomorrow it will be less than $2.00 or I'd be very suprised.
Budgets of all oil companies will be slashed....Christmas shutdowns aren't a week away....cost ratcheting of services is underway...and my guess is that very hard times are on for the oil industry; its workers and it will literally be years before the momentum comes back.
Just for instance....look at Precision Drilling's announcement released today. They claim their costs go down to zero when they shut down rigs. That certainly means few or no paychecks for many workers and selling off assets such as coiled tubing units is just the tip of the iceberg of "survival mode".
Costs don't go to zero. Red ink stays red without cash flows and restructuring.
Tomorrow it will be less than $2.00 or I'd be very suprised.
Budgets of all oil companies will be slashed....Christmas shutdowns aren't a week away....cost ratcheting of services is underway...and my guess is that very hard times are on for the oil industry; its workers and it will literally be years before the momentum comes back.
Just for instance....look at Precision Drilling's announcement released today. They claim their costs go down to zero when they shut down rigs. That certainly means few or no paychecks for many workers and selling off assets such as coiled tubing units is just the tip of the iceberg of "survival mode".
Costs don't go to zero. Red ink stays red without cash flows and restructuring.
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